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September, 2010 |
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2009
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Business Today, Mar 2010 |
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Moody’s raises rating of Oman
Moody’s Investors Service has raised the sovereign ratings of Oman on the back of the strength of its public finances. The sultanate’s local and foreign currency government bond ratings and the country ceiling for foreign currency bank deposits were raised to A1 from A2, and the country ceiling for foreign currency bonds was raised to Aa2 from Aa3.
The outlook on the ratings is stable, the rating agency said. “The main driver of the rating change is the comparative strength of Oman’s public finances within its rating peer group,” said Tristan Cooper, senior credit officer in Moody’s Sovereign Risk Group.
Indra to install ATC system
The Ministry of Transportation and Communications has awarded the contract to install the new air traffic control (ATC) system, which will provide coverage to the entire country to Spain’s Indra.
This contract is worth RO44.85mn and the execution period is 38 months. The new equipment will be installed at Oman’s international airports in Muscat and Salalah and four regional airports in Sohar, Ras al Hadd, Duqm and Adam.
Indra said that this turnkey project entails building an advanced, automated system for air traffic management, which offers air traffic controllers a comprehensive overview of the aircraft movement within Oman’s airspace. The system will also have a contingency centre.
Indsil plans ferro chrome smelter
Indsil Hydro Power and Manganese announced that it, along with group sister company Indsil Energy and Electrochemicals, has entered into an arrangement with Muscat Overseas Group (represented by Al Tamman Trading Establishment) to form a 50:50 joint venture to set up a 75,000-tonnes-per-annum of ferro chrome smelter in the sultanate.
The project will have access to 100 per cent captive chrome, which will be made available from the existing mining operations of Muscat Overseas Group. The project, costing US$30mn, may become operational by 2011-end.
Muscat Life, Nextcare in pact
Muscat Life Assurance held two seminars in Muscat and Sohar to announce improvements in its health insurance products and services. The events also marked the appointment of Nextcare as its third-party administrator (TPA), whereby Muscat Life will delegate its medical claims administration and settlements to a third party to provide a local settlement service to its clients.
“Muscat Life plans to become Oman’s premier life and health insurer in the coming years,” said Shaun McCarthy, general manager, Muscat Life Assurance.
Suhail Bahwan, Lhoist form JV
The Lhoist Group of Belgium and Suhail Bahwan Group have decided to join forces to explore and develop limestone and dolomite resources in Oman.
A joint venture (JV) agreement was signed recently by both the parties. The joint venture, 60 per cent owned by the Lhoist Group and 40 per cent by the Suhail Bahwan Group, will be called Bahwan Lhoist and will be supervised by a board comprising three members each from the Lhoist Group and the Bahwan Group.
The Lhoist Group will be represented by its group chairman Baron Jean-Pierre Berghmans, deputy CEO Jean Pierre Henin and executive vice-president Patrick Andre. The Suhail Bahwan Group will be represented by its group chairman Sheikh Suhail Bahwan, managing director of the group’s holding company Sheikh Ahmed Bahwan, and advisor to the group chairman Divyendu Kumar.
Considering the high quality of Oman limestone resources as well as the experience and commitment of both partners, this newly established joint venture has the potential to become a leading supplier of high quality material to India and the Middle East.
Apex orders Goss printing press
Apex Press and Publishing recently purchased a Goss Community SSC press in order to take control of the quality and deadlines for its recently launched publication, Muscat Daily.
Apex Press and Publishing has been operating in the Sultanate of Oman since 1980. Today it employs 135 staff and publishes, but does not print, a range of key titles, including Muscat Daily, TheWeek, Al Isbou’a, BusinessToday, OmanToday, Usrat al Youm, Tribute and Business Directory.
With this complexity of titles, using contract printers has become an increasing problem as the company expands. The new Goss Community Press will have four four-colour towers, one of which will be dedicated to heatset pages for high-quality advertising and cover sections. The new press will go into production this year.
“We wanted a press that has a good reputation for efficiency and quality,” said Mohana Prabhakar, chief executive and managing editor, adding, “We will slowly migrate more work onto the Community Press as we grow in confidence with its operation – the press model has been around a long time, but the features are reassuringly sophisticated.”
Sembcorp plans Salalah IWPP
Backed by strong market demand in the Middle East, Singapore-based Sembcorp Industries is now exploring further expansion of its power and water capacity, besides other sectors, in the region. The company is setting up the 445MW Salalah Independent Water and Power Project (IWPP) in the wilayat of Mirbat, in Dhofar region. The project is expected to begin commercial operation in April 2012.
Besides power generation, the company will also produce 15 million gallons per day of water to meet the requirements of potable water. Sembcorp group president and chief executive officer Tang Kin Fei said that the company has identified the Middle East as a key growth area for its power and water business and has a strategy to position itself as a reliable, long-term partner to help meet the region’s growing demand for power and water.
LIC launches new NRI product
Life Insurance Corporation (International) has launched a new insurance product called ‘New Jeevan Aastha,’ designed to offer both insurance cover and guaranteed returns to non-resident Indians (NRIs). Addressing the media at the launch of the product, R Thamodharan, chief executive officer and managing director of the Bahrain-based LIC International, said that customers have the option to choose from three, five or ten-year terms and the guaranteed return ranges from 4.5 per cent to 5.5 per cent with life insurance cover up to US$48,000 for policy holders. The scheme was launched to mark the firm’s 20 years of operations in the Gulf.
Bank Sohar rolls out new scheme
Bank Sohar launched its new savings initiative with a grand annual prize of RO440,000 for one customer maintaining an average balance of RO1,000, for thirty days before the draw. The 2010 Al Mumayaz savings scheme also includes another annual prize for customers keeping an average of RO10,000 for the previous 30 days. Both winners of the annual prizes will be selected through a draw in December 2010.
Like other banks, Bank Sohar has also decided to celebrate the 40th anniversary of the Renaissance through their savings scheme. Aromatics trial run successful
Aromatics Oman (AOL) has successfully completed the plant performance test run and has achieved all the guarantees with the process licensor, Axens Technology of France, and the engineering, procurement and construction contractor, GS. The plant performance guarantee test run was successfully completed on February 4, 2010, where all units of AOL operated at 100 per cent capacity.
German team visits Oman
A German business delegation from Rhineland-Palatine federal state held a series of meetings and workshops in the sultanate recently.
Heading the delegation was Dr Siegfried Englert, state secretary in the Ministry for Economics, Transport and Agriculture of Rhineland-Palatine, who was keen to get the two business sides together and develop strong contacts that would promote a vibrant business solution between the two sides. Setting out the objectives for his delegation at a meeting, Englert stated that Rhineland-Palatine is one of the finest locations in Germany to do business, with a range of expertise and excellent transport links making it a hub of the European business sphere.
“One fact applies to all enterprises. They possess extensive expertise in their respective fields. The industry in Rhineland-Palatine is comprised of small to medium enterprises. We are set in an excellent location for all those who want to do business,” said Englert.
Omantel gets new look
In line with its intent to deliver an enhanced customer experience, Omantel has officially launched its new enhanced brand and a new tagline, ‘Together’. The new visual identity unveiled by Omantel CEO Dr Amer al Rawas signals the entry into a new era.
Speaking at a press conference in Muscat to announce the changes, Dr Amer said, “This is an important step in the transformation of our business as the enhanced brand has been defined to reflect our new vision, mission and values for the corporation and to form the source of inspiration for our future communication.”
Volvo inks pact with Deutsche
Volvo Trucks, distributed by International Heavy Equipment in Oman since 2003, has been selected as a preferred supplier to global logistics company Deutsche Post DHL. The companies inked a frame agreement, which includes the delivery of 1,800 trucks for the coming two years. Volvo Trucks will be the preferred supplier of heavy trucks in Sweden, Finland and the UK.
Commenting on this international agreement, Staffan Jufors, president and CEO of Volvo Trucks, said, “We share the same focus on sustainable growth. We aim to increase our cooperation, on environmental-friendly issues to find common ways to tackle challenges the transport industry is facing.”
BEC moves to ISO 9001:2008
Bahwan Engineering Company (BEC) has achieved the transition of its quality management system to the latest edition ISO-9001:2008, covering project management and construction activities comprising civil, mechanical, electrical, instrumentation, HVAC and plumbing work associated with oil and gas, power, industrial, residential and commercial projects in Gulf region.
It also includes BEC’s elevator and escalator operation for supply, installation, testing and commissioning, service and maintenance and modernisation of elevators, escalators, dumbwaiters, baggage handling equipment and passenger boarding bridges. The certificates were handed over to SK Virmani, managing director of BEC, by Shakir Rasheed, chief executive of Bureau Veritas, a leading certification agency.
ITA ropes in E&Y for e-visa
The government of Oman, represented by the Information Technology Authority (ITA), has appointed Ernst & Young as advisors for the e-visa system project.
The objective is to implement a world-class system that acts as a gateway to the electronic visa service delivery system that will be tightly integrated with backend business applications. This system is expected to enable the sultanate to process and issue visas and visa application forms online.
Furthermore, it will enhance the current process of public (from inside and outside Oman) to apply for visa through the Internet. Dr Salim bin Sultan al Ruzaiqi, CEO of ITA, stated, “This is one of the important projects to be undertaken as part of the e-Oman Initiative.”
RSA plans to buy Al Ahlia
RSA Insurance Group (RSA) and ONIC Holding have announced an agreement by which RSA Oman will acquire Al Ahlia from ONIC Holding for RO19mn. The purchase price is subject to a net asset value adjustment on completion. In return ONIC Holding will acquire a 20.03 per cent stake in RSA Oman.
The transaction will create the largest insurance group in Oman by net written premium. Paul Holmes, CEO of RSA Middle East, commented, “Through this acquisition of Al Ahlia, we create a market leading insurer in Oman and this enhances our emerging markets position in the Middle East. We welcome ONIC Holding as a local shareholder in Oman and value their strategic support as we drive the business forward. ”
Biz broadband share by Nawras
Nawras has introduced a new business solution, ‘Business Broadband Share’, designed to enable multiple users to make use of a predefined pool of data volume. Three different packages provide a cost-effective choice, flexibility and convenience for large corporations and smaller enterprises.
Companies can choose from packages of 25GB, 50GB or 100GB of data volume with a minimum of five SIM cards up to a maximum of 50. ‘Business Broadband Share’ will make it easier for companies to become more productive by increasing the number of employees using mobile broadband with this new solution which is easy to manage and simple to track usage.
BankMuscat joins BPA board
Oman will have representation on the Middle East Advisory Board of media auditing firm BPA Worldwide, following the appointment of Mohammed al Hassani, head of corporate communications at BankMuscat.
“My main objective on the advisory board is to help speed up the culture of auditing in Oman and other countries in order to help maximise the return on our advertising spend,” said Mohammed.
Meanwhile, BankMuscat inaugurated its 125th branch in the wilayat of Amerat under the patronage of Mohanna bin Saif al Mawali, Wali of Amerat. Sulaiman al Harthy, group DGM – consumer banking, said, “Focused on customer-oriented initiatives, BankMuscat caters to the largest banking family in Oman, firmly positioned to exceed one million satisfied customers in 2010.”
Another press release noted that BankMuscat’s al Mazyona savings scheme has sparked excitement among customers. The bank organised the savings scheme draw at the Ghubra branch recently.
Vale unveils recruitment plan
Vale has launched its second recruitment drive to further enrich its world-class pelletising plant with a pool of experienced professionals dedicated to help build the promise of a new blueprint for Oman’s future. The drive, which encompasses Oman, the GCC, Asia and South Africa, aims to fill more than 100 technical positions in operations and production within the plant and distribution centre in Sohar as part of the company’s pioneering global undertakings.
“We speak different languages and belong to several cultures, but are united by a common goal to transform mineral resources into prosperity and sustainable development,” stated Sergio Leite, Vale managing director and country manager for Vale International. “Our employees are the backbone of our sustainability and are representatives of who we are as a company. It is therefore our responsibility to ensure that we place the right talent in the right positions.”
Residents move into The Wave
The moving of the first residents marks a number of new developments taking place at The Wave, Muscat as the project advances at an exceptional rate. Two apartment owners have already settled in their new residences to date and a constant flow of residents are expected to follow suit in the coming months.
Michael Lenarduzzi, CEO, The Wave, Muscat said, “As we expand our portfolio of properties with focus on attractive investment opportunities, we continue to rely on up-to-date market trends, constant innovation and our understanding of the needs of the local and regional market.”
He added, “With the handover of the first apartments and a number of construction efforts currently underway, including Al Marsa Village and Greg Norman Links golf course, we are not only witnessing the residential community come to life but the birth of a new era for integrated tourism complexes in Oman.”
Omanoil gets 4 new partners
Following the announcement of its agreement with Thai Airways, Oman Oil Marketing Company (Omanoil) has secured four exclusive aviation fuel contracts with leading international carriers – Kuwait Airways, Saudi Airlines, Tunis Airlines and Royal Jordanian.
The contracts will be effective from January 1, 2010, with a volume of approximately 800,000 litres a year, positioning the company as a partner of choice which offers outstanding aviation fuel solutions to worldwide customers.
Ahmad Kamel, Omanoil general manager of aviation and marine fuels, said, “Omanoil’s continued success of enhancing customer and shareholder value while securing international deals is a testament to the company’s progressive, dynamic and innovative business practices.”
Asha launches online directory
Asha Advertising, part of the Ajit Khimji Group, has launched www.connectoman.com, a website directory that aims to include information details for every brand across every industry, category or service in Oman.
The premise of the site is simple, a press release said. Companies pay a nominal fee to have their logo included on the website’s home page.
By clicking on the logo, users are led to that company’s home page, giving the user information on that company and the services it offers or directly to their respective websites. Alternatively, users can employ the ‘search by category’ facility (for example, ‘tour operators’ or ‘foreign language schools’), and be guided to a full listing of companies or organisations within that category.
ADINC becomes part of IN
Advertising International Company (ADINC) has become part of the International Network (IN).
Bikram Sehgal, general manager, ADINC, said, “We are happy to announce that ADINC is now a part of the world renowned IN network. IN works for local, regional, multi-domestic and global clients, both directly and in co-operation with other IN agencies. By being part of the IN, we will not only be able to serve our esteemed clientele here in Oman better, but will also be able to provide our assistance and expertise for their advertising and integrated marketing communication needs the world over. With the government’s increased thrust on promoting Oman as a tourist destination, our tie-up with IN will provide the much-needed global span of coverage and reach for all businesses and ministries involved in the effort.”
Al Hassan wins Hager award
Al Hassan Electricals has received Business Excellence Award from Hager Middle East for outstanding sales achievement in 2009. This is the third year in a row that AHE has bagged this recognition.
The Hager Group, based in Europe with sales presence in 55 countries, offers a complete range of systems, solutions and services for energy distribution. AHE is the sole distributors for Hager products in Oman.
The award was presented by Daniel Hager, CEO of Hager Group to Eng Talal al Assaad, CEO –manufacturing and trading of Al Hassan Group of Companies, in the presence of Peter Davies, MD – Hager – and Sean Cain, MD – Hager Middle East FZE.
Reacting to this, Eng Talal said, “This achievement has been made possible by the dedication of the entire sales team. The AHE team has excelled in technical knowledge and customer understanding to win this coveted award once again.”
BreadTalk puts thrust on Oman
Singapore-based BreadTalk is redefining the bakery industry and culture of bread consumption in the sultanate with its visually appealing, aromatic and unique-tasting delicacies.
With over 200 outlets worldwide, the lifestyle brand brings together quality services, vast experience and profound appreciation for innovation to create a distinct culinary experience from the finest ingredients.
Bin Mirza International, a leading hospitality company, acquired the franchise in 2005 to fulfill its mission of diversifying the food service industry in the sultanate and providing the market with a memorable experience by offering a large variety of products that cater to local tastes.
Shangri-La in Gold List
Condé Nast Traveller has ranked Shangri-La’s Barr Al Jissah Resort and Spa among the best hotels around the globe in the British edition of its Gold List for 2010.
Travel experts and editors of the publication based their decision on the six criteria of service – location, food, rooms, leisure facilities and ambience and design. The resort was the only property honoured in the sultanate and was a new entry in this category for 2010.
According to the magazine, the property’s X-factor is CHI, The Spa, which features 12 private villas, a rasul and hammam. “It is an honour for Shangri-La’s Barr Al Jissah Resort and Spa to be in the Gold List from such a highly regarded publication. The result acknowledges our dedication to offering guests exceptional service and a quality product. We will continue to strive towards exceeding the expectations of our guests,” said Arbind K Shrestha, general manager of the resort.
BankMuscat offers training
A grass root-level agriculture development project, initiated as part of the Corporate Social Responsibility (CSR) by BankMuscat, has moved to a new phase of training. Engineer Khalfan bin Saleh al Nabi, Under Secretary at the Ministry of Agriculture, presided at the launch of the training programme in the presence of senior officials from the bank and the ministry.
The training mainly covers three projects in green house farming, modern irrigation techniques and bee-keeping. Engineer Khalfan said, “In response to the Royal directives of His Majesty Sultan Qaboos, the development of the agriculture sector assumes priority in the sultanate. The importance attached to the farm sector stems from the fact that it touches the life of every individual in the society and many people depend on it for their livelihood. We are greatly encouraged by the initiative from BankMuscat to help Omani farmers benefit from modern irrigation methods. In view of the changing environmental scenario, modern irrigation methods are vital to sustain and improve farm produce.”
Facelift for Nawras stores
To meet the increased demand and help more customers, Nawras has expanded its retail outlets at Muscat International Airport and Lulu Hypermarket at Darsait. Delivering a unique retail experience, Nawras stores are growing in size and number to meet the varied communication requirements of the society.
There are now 22 Nawras stores across the sultanate. At Muscat International Airport, customers and passengers were recently invited to join the inauguration ceremony of the redesigned Nawras kiosk. “The new look kiosk reflects our dedication to delivering the highest levels of customer-friendly technology in a clear and transparent way,” said manager Haithem al Zadjali.
BankMuscat’s new initiative
BankMuscat has launched an innovative customer interaction initiative aimed at raising the bar on services extended to the largest banking family in Oman. In line with BankMuscat’s customer service strategy and vision, the inaugural customer advisory board meeting was held recently at Inter-Continental Hotel.
Senior bank officials interacted with customers and assessed their evaluation and expectations with regard to services by the bank.
The initiative was launched with the objective of adopting a new line of action to ensure that the bank responds to customer suggestions.
AbdulRazak Ali Issa, chief executive, said, “The customer advisory board meetings will become a regular event at the bank. We will have a planned approach in regard to selection of customers attending the meetings so that a cross section approach will ensure the participation of a full variance of our valued customers. It is vital that we encourage customers to tell us how they feel about doing business with the bank as there is nothing more fundamental in the service world than the ‘voice of the customer’, and we fully intend to not only hear it, but respond to it also.”
Braille system in Gulf Air flights
For the first time in the Middle East and Asia, Gulf Air has introduced Braille entertainment guide for visually impaired passengers to make their journey more enjoyable.
The facility has just been introduced across Gulf Air’s entire network. The special Braille-scripted guide assists visually impaired passengers in choosing from over 42 hours of hosted audio, over 21 channels – from the Holy Quran recital to Opera music to popular Arabic, Asian, Jazz and country music.
Omantel cuts Hayyak rates
Omantel has announced changes to its Hayyak pre-paid service to deliver additional benefits to its customers. The most notable among the changes is the introduction of lower off-peak rates for its Hayyak prepaid services from 45 to 39bz a minute. As part of the changes, it has also announced the introduction of a new daily off-peak time, starting from 8pm in the evening to 6am the following morning.
The new rates will also apply to Fridays and national holidays. In the past, Hayyak off-peak rates started at 10pm until 10am but Omantel has now introduced the lower rates two hours earlier to meet growing customer demand – especially from young people and its expatriate customer base. The new rate represents a 13.3 per cent cut in the current off-peak rates.
Nawras backs ‘Ship for World’
Nawras has become the first and only sponsor of the sultanate’s participation in the Ship for World Youth. This international event has a 22-year-old history and this is the first time a company from Oman is sponsoring the event.
The Ship for World Youth project is organised by the Japanese government with participation from 13 countries: Japan, Oman, Australia, Bahrain, Ecuador, Egypt, India, Sri Lanka, Turkey, UAE, Yemen, Greece and Kenya. Representatives from the Ministry of Sports Affairs and Nawras held a joint press conference recently to announce their partnership in this international project, which is aimed at deepening understanding between the world youth.
SFZ takes part in AIC meet
Salalah Free Zone (SFZ) was actively involved in the first Arab Investment Conference (AIC) from February 7 to 9. The conference was aimed at opening new horizons and opportunities for Arab and international investments in the sultanate.
Eng Awadh al Shanfari, chief executive officer of Salalah Free Zone, said, “The investment structure of the Sultanate of Oman is the most secure and stable, indicating that the availability of infrastructure such as ports, airports, road networks and provides qualified national employment, established rules and political stability under the guidance of His Majesty Sultan Qaboos bin Said.”
Salalah Marriott opens at Mirbat
Salalah Marriott Resort, the first Marriott Hotel in Oman and a part of the Mirbat Beach project, has opened its doors for guests from February 1.
The resort is set on the idyllic shores of the Arabian Sea on the white sandy beaches of Mirbat Cove and at the foot of Jebel Samhan, 80km from Salalah International Airport. The Salalah Marriott Resort offers the finest accommodation, banqueting, leisure and recreation facilities to suit the needs of discerning travelers seeking a memorable holiday or an incentive meeting.
Envent in pact with Grafdom
Envent, organisers of the Women in Business conference, is adding web design and online marketing solutions to its portfolio of services by signing a strategic partnership agreement with Grafdom, a Dubai-based technology consultancy.
Farid Gasim, director of operations, Grafdom, said, “Envent’s reputation in the PR and events field is a value-added advantage that will enable them to proactively expand their service offerings and products to clients with web development and online branding solutions.”
Priority Pass expands
Priority Pass has announced addition of six new lounges in the Middle East to its worldwide portfolio, making it more attractive to frequent travellers in the region. The addition of five new lounges in Saudi Arabia, covering Dammam, Jeddah and Riyadh, as well as another in Abu Dhabi, means that coverage is even more comprehensive in the region. Members of Priority Pass can use any of the lounges in the programme whenever they travel, regardless of which airline or which class of travel they fly.
SPG survey finds boost for travel
As part of the tenth anniversary of Starwood Hotels & Resorts’ award-winning loyalty programme, Starwood Preferred Guest (SPG) surveyed 800 members throughout Europe, Africa and the Middle East about their thoughts on celebration, travel and the holiday season.
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